New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Industrial Fasteners Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Industrial Fasteners Market Size:
The global industrial fasteners market garnered a revenue of around USD 80 billion in 2022 and it is expected to collect approximately USD 120 billion at the end of 2033. The market growth is attributed to the surge in industrial production, which ultimately lead higher demand of industrial fasteners. For instance, the production of manufactured goods increased by 8% in the European Union in 2021 compared to 2020, which overall amounts to 108%. Additionally, according to the United Nations Industrial Development Organization, the world’s manufacturing production showed a steady growth at the rate of 3.1% in the second quarter of 2022. Besides this, higher consumption of energy worldwide is likely to boost the market growth. By 2040, it is anticipated, that around 740 million Terajoules (TJ) of energy likely to be consumed worldwide thus, increasing the capacity of different power generation units.
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Global Industrial Fasteners Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Metal segment to dominate the revenue graph
- Construction sub-segment remains prominent in the industry segment
Swelling Demand for Medical Devices and Automobiles to Drive Market Growth
The increased production of medical devices is to augment the market growth. The demand of medical equipment such as ventilators, dialysis machine, surgical devices and others is continuously rising. The annual sales of medical devices are expected to grow by 5% and reach nearly USD 800 by 2030. Moreover, in 2021, the China’s medical device manufacturing showed a growth of 13% by reaching around USD 29 billion. Other than medical devices, the surge in demand for automobiles including cars, commercial vehicle, two-wheelers, and others is to propel the market growth. Between April 2021 and March 2022, a total of nearly 23 million vehicles were produced compared to around 22 million units from April 2020 to April 2021.
Global Industrial Fasteners Market: Regional Overview
The global industrial fasteners market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Export of Fasteners and Rising Constructional Activity is to Elevate the Market Growth in Asia Pacific
The market growth in Asia Pacific is to grow by rising production of industrial fastener to suffice the demand of growing export. From January to September 2021, China exported over 3.5 million tonnes of fasteners, and increased over the previous year by approximately 20%. Moreover, in Japan, about 3000 manufacturers produced around USD 7 billion worth of fasteners in a year. The Asia Pacific’s market growth is further attributed to growing construction in the region. For instance, the National Buildings Construction Corporation of India announced the plans to remodel government projects in 2020, with completion anticipated in the following three years. Furthermore, in China, the developers built a 10 storey building in just 28 hours.
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North America’s Market is Boosted by Increased Automobile and Industrial Fastener Production
Growing sales and production of automobiles propelled by better average income and rising population is to elevate the market growth in North America. In the United States, around 9 million of motor vehicles were produced by auto industry in 2021. Furthermore, as of August 2022, the car production in the U.S. was nearly 2 million units. Besides this, North America’s market growth is boosted by higher production of industrial fastener. North America has one of the fastest pacing industrial fastener industry. In U.S.A alone there are around 370 small, medium and large manufacturers of fasteners and every year they produce over 230 million of industrial fastener.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Industrial Fasteners Market, Segmentation by Material Type
- Metals
- Plastic
Amongst all the segments, the metal segment is to garner the highest revenue by the end of 2033 by growing at a significant CAGR over the forecast period. The segment growth is ascribed to expanding railway networks followed by freight traffic worldwide. The worldwide metros and high-speed rail track length is expected to increase by 2.5 times by 2050. Moreover, by 2050, the investment in the railway infrastructure is likely to reach to USD 330 billion. Furthermore, the freight traffic is expected to jump from nearly 1 billion tons in 2017 to around 3 billion tons by 2030.
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Global Industrial Fasteners Market, Segmentation by Industry
- Automotive
- Aerospace
- Food Processing
- Construction
- Marine
- Power Generation
- Nuclear Power Plants
- Oil & Gas
- Others
Out of all, the construction segment is anticipated to hold the largest market size by the end of 2033 by growing at a significant CAGR over the forecast period. Growing construction and government efforts for housing projects is to propel the segment growth. The European Commission reports that in the broad construction sector, there were 192,068 businesses in 2019. It has increased by 20.7% during the previous decade in 2020. Furthermore, In the United States, almost 2 billion new homes had been built as of June 2022. Moreover, In Brussels, the government is renovating existing housing and building 6400 new homes as part of the Regional Housing Plan and the Habitat Alliance.
Global Industrial Fasteners Market, Segmentation by Product Type
- Non-Threaded
- Internally Threaded
- Externally Threaded
- Aerospace Grade
Few of the well-known market leaders in the global industrial fasteners market that are profiled by Research Nester are Hilti India Pvt. Ltd., Birmingham Fastener & Supply Company, Inc. Sesco Industries, Inc., Rockford Fastener, Inc., Elgin Fasteners Group, Decker Industries Corporation and others.
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Recent Developments in the Global Industrial Fasteners Market
- January 2022, Hilti AG announced the strategic collaboration with Trackunit, a key player in fleet management services. This partnership aims to progress the digital transformation by expanding the connectivity through Bluetooth technology and increase the scale of tool and equipment connectivity sector. It also enhances the tool related data. Furthermore, through this collaboration, both the companies look forward to increase the productivity and reduce the downtime of the production in the industry.
- April 2021, Birmingham Fastener & Supply Company, Inc. announced the acquisition of Steel City Bolt and Screw. From now on, all the operations performed by Steel City Bolt and Screw is to be mingled with the production unit at the headquarters of Birmingham Fastener & Supply Company located at Alabama. By this integration the level of service to customers is expected to be enhanced and increased.
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